Healthcare Market Analysis Paper

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Market analysis can be considered as the most critical section of a strategic plan or business plan. It seems to be determining the survival and success of virtually every organization since no business entity operates in isolation. This crucial role of market analysis does not exclude the health care organizations. In the health industry, the market analysis allows health care organizations to determine specific health care consumers and their needs and what the organizations ' marketing mix should consist of. If a market analysis is properly done, it would guide organizations in tailoring their services and products to consumers who are most likely to patronize them (Tuma, Decker, & Scholz, 2011). It seems technology, demography, regulations, consumer forces, and the caliber of health professionals are constantly shaping the rules of healthcare competition. Therefore, it is imperative to consider these factors when performing market analysis. Besides, if strategic leaders in the health industry are to be successful with market analysis and strategy implementation, then they would need to follow specific direction or map in their strategic management process (Ginter, Duncan, & Swayne 2013). Ginter et al (2013. p.12), stated further that ' 'without a map, managers run the risk of becoming totally …show more content…

This implies that the establishment of the satellite clinic will broaden its market base from counties surrounding Pocahontas County. However, PMH 's major competitor is Davis Memorial Hospital (DMH) with similar capabilities. Being a large hospital serving in Randolph County, DMH has the ability to enhance the quality of care and reduce cost. It may also have the resources to draw consumers from other areas. But PMH will secure its market base by establishing a comprehensive satellite

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